Lagerfeld talks recession: “This... crisis is like a big spring housecleaning — both moral and physical... Bling is over. Red carpetry covered with rhinestones is out. I call it ‘the new modesty.’” [NY Times]

As part of Barbie's golden anniversary blitz, Stila's offering a Barbie makeup palette so you can (literally) replicate her natural look at home. "The collaboration features a talking palette (so you can follow along as a Stila makeup artist gives you step-by-step instructions on mimicking Barbie’s pastel lids) as well as four “Decades of Beauty” cans. The cans each channel a different decade in Barbie history: #1 Ponytail Doll is all about Barbie’s black cat-eye liner and red lipstick, Malibu Doll mixes a baby blue shadow with a shimmering bronzer, Foxy Doll gets you a more sultry look, and Jewel Doll is, well, all about sparkle and shimmer." [Nylon]

Flamboyant designer Roberto Cavalli is selling a minority stake in his fashion house to private equity company Clessidra. Hard times. [NYT]

Diane Von Furstenberg on her (presumably) mariage blanc to gay tycoon Barry Diller: "Barry respects me so much...We don't live together during the week, although we go out together. I live on top of my shop; he lives at the Carlyle hotel. It doesn't feel strange at all. I just need a little bit of space. If I can't be alone a little bit, then I lose myself—and I cannot lose myself." [Racked]

Agent Provocateur's new "Virgins" line is being touted by "nymphs and satyrs cavorting in approved Dionysian style." The lingerie is pretty. [Luxist]

Elite modeling agency says its recent cuts weren't about belt-tightening: "Periodically every model agency reviews its roster and evaluates the performance and re-evaluates the potential of each model. Last fall, Elite conducted such a review and decided it was mutually beneficial to release several contracts." [New York]

Goody's Family Fashion formally files for Chapter 11, following last week's announcement of their bankruptcy. [Breitbart]

Iconic 60's model Jean Shrimpton bites the hand that photographed her: “I gave up modelling at 28 because I’d grown away from it. I’m lazy with clothes. It’s boring pouting at a camera after the age of about 25 and if you’ve got a brain and everybody around you is more creative, you’re just the person pouting at the camera. You end up feeling a fool.” [Daily Express]

Banana Republic launches a "heritage for women" collection, which sounds kind of like their regular collection. [WWD]